Innovation and Commercialisation in Farmfoods: Ways to Foster Innovation, Types of Innovation, and Business Case Analysis

Innovation and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................3
P1. Discuss the ways in which different organisations source and foster innovation, using
specific examples........................................................................................................................3
M1. Analyze the ways in which innovation is sourced and supported within different
organization environments and cultures......................................................................................5
P2. Differentiate between different type of innovation and how they are processed within
organisations...............................................................................................................................6
M2. Analyse how different type of innovation are successfully processed within different
organisation settings....................................................................................................................7
D1 Critically analyse how innovation is successfully developed and embedded in different
organizational contexts................................................................................................................8
P3. Produce a detailed business case for innovation for an organisation, including risks,
benefits and ways to access funding...........................................................................................8
M3 Produce an evidence-based business case analysis for innovation that emphasizes the
business value for potential investment....................................................................................10
P4 Evaluate the different tools that organizations can use to develop, retain and protect
knowledge and intellectual property.........................................................................................11
M4 Critically evaluate the different tools that organizations can use to develop, retain and
protect knowledge and intellectual property in the context of the wider business environment.
...................................................................................................................................................11
D2 Produce a commercially driven business case for innovation, including an action plan for
development and methods for its successful protection in the context of the wider business
environment...............................................................................................................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
There are miscellaneous interpretation about innovation and commercialisation, which can
result vague meaning of the respective words. Innovation means inventing something new or
implementing something in new or unique manner. In the business mere inventing something
contemporary will not enhance the business it also need the improvisation. Innovation is an
sequential process fulfilling the needs as well as aspiration of the clients to the technological
competencies in order to fulfil the bridges of knowledge regarding marketing, product
conception, design and so on. The commercialisation is the process of transforming ideas,
proficiency and origination into greater wealth for individuals, businesses, and/or society at
large(ZareRavasan, 2021). Commercialisation is the segment of the wide process of innovation
the prima facie object of commercialisation is to earn profit, product development, fair return on
investment, creating the competencies among the organisation for the competitive market. This
report contain the detail structure of Farmfoods sources for the promotion of innovation as well
as the ways through which innovation can be supported and sourced in various business
environment, various kinds of innovation, risks and benefits of the business, different tools of the
Farmfoods for development, retention and protection can be utilised.
TASK
P1. Discuss the ways in which different organisations source and foster innovation, using
specific examples.
Farmfoods is pertaining the specialisation in the frozen products, and possessing almost
320 stores selling frozen, chilled, and ambient products. Innovation falls under process under
productiveness, development,and better standard of living. Innovation derived from the
deliberated quest for favourable circumstances well known as the source of innovation.
Innovation is not related to the advancement, as innovation implies the creating new things,
whereas advancement means improvising on the existing material(Awan, Arnold and Gölgeci,
2021). There are numerous ways for the Farmfoods to source and foster the innovation for the
profit making objective as well performing the social responsibilities such as:
Clarity in the Intention: For the motto of innovation the communication within the organisation
is mandatory. This should be the foremost step before any commencement of the innovation.

Opportunity to the unleash the creativity: The management style of the business reflects the
success rate of it. The organisation should give the liberty to the employee to present their
creativity ideas which will be the beneficial to the company. For instance there was the
company name West Paw Design organized the contest among the every employee to
produce the prototype for the new products. By selecting the best ideas among the and
awarding the said employee the said company create and set the new pipeline for the product
development(Cai and Tang, 2021). These will not only boost the confidence of the
employees but also embrace and encourage the employees to be at their best innovative
ideas.
Perquisite the failure: It is not necessary that the every time every idea is gonna bloom in their
respective manner. So even if there is failure in the plan or plan does not give desired result
or innovation does not work out, the employers or managers should buck up their employees
to recreate or make amends in the ideas so that the innovation approaches the benchmarked
level.
Make simple Hierarchy: For making something new or unique which will become the USP the
process of said things should be plain and simple. It should not be a complex so that hard to
accomplish the set goals. During the research and development stage for the aim of fostering
innovation the hierarchy of the ideas should be simple and effective in the result and speedy
in comparison with the ideas pertaining end numbers of the levels to pass.
Taking responsibilities of customers issues: Innovative organisation uplift the staff to take the
responsibilities of problem presented by the customer. Often it seems that complaint of
customer become challenge to the employees but it is an opportunity to the organisation to
show case their customer service and accentuate the degree of improvement made by the
company in the product and service design and delivery.
Unpredicted: Innovation can occur astonishingly and without any preplanning. Some innovation
uplift the mankind which will attract the consumers in the optimistic way.
Change in Market Structure: In market it seem like some products goes to the boom while
some decline in the market(Chen, 2020). Company should always monitoring the variations
of market structure.